Preachers' Aid Society of Kentucky Annual Conference of Methodist Episcopal Church v. Jacobs

Opinion op the Court by

Commissioner Hobson

Reversing.

This is a proceeding by a revenue agent' to assess, as property omitted from assessment, the funds of the Preachers’ Aid Society of Kentucky Annual Conference of the Methodist Episcopal Church, South, for the years 1919-28. The fund in 1919 amounted to $34,184.60. It increased from year to year until 1928, when it amounted to $58,113.74. The defendant is a corporation. Its purpose is to secure and maintain an endowment fund for the benefit of the superannuated preachers, who were members of the society, or their widows and infant orphans,…